Expert names the reason for forced early repayment of mortgages

Legislation clearly regulates the conditions under which the bank may require early repayment of the mortgage loan. This February 14 told the agency "Prime" Associate Professor of the Department of Global Financial Markets and Fintech Plekhanov Russian Economic University Venera Shaidullina.

The Bank may require early repayment of the mortgage on condition of improper use of credit funds, systematic late payments, as well as in the absence of compulsory insurance of pledged property within 30 days.

"Deterioration of the financial situation of the borrower, change of job or place of residence are not legal grounds for such requirements. If the bank insists on early repayment for these reasons, its actions can be challenged," the financier pointed out.

When there is a requirement for early repayment of the mortgage borrower is given 30 days to voluntarily repay the entire amount of the debt. If repayment is impossible, then you will have to apply to the bank for mortgage vacations or debt restructuring.

Shaidullina also noted that in the absence of funds for early repayment there is a risk of losing housing. For new buildings, this process is possible no earlier than six months after the delivery of the house, for secondary housing - by court order. The default period for the release of housing is 5 days.

As a recommendation, the lawyer noted that it is worthwhile to carefully study the terms of the contract before signing it and avoid significant violations of the terms of credit.

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In January 2025, 2.5 times more mortgage applications were sent to banks than a month earlier. The number of applications for family mortgages increased more than three times, for Far East mortgages - six times, for IT-mortgages - 3.5 times. The number of applications for market mortgage programs, on the contrary, decreased by about 40%.